Fri January 05, 2024 ▪
3
min reading ▪ by
The ENS is “super important“, says Vitalik Buterin. This is why the Ethereum co-founder is calling for Layer 2 solutions such as Polygon and Optimism to use it to make it accessible and affordable for users of the Ethereum network. His call for the democratization of ENS address registration also had a positive impact on the price of the native cryptocurrency Ethereum Name Service. Although the price has stabilized at $12.9, the initial rise demonstrates the influence of Buterin and the optimism surrounding ENS.
![Photo by Vitalik Buterin, Ethereum Name Service logo](https://www.cointribune.com/app/uploads/2024/01/VITALIK-BUTERIN-HAUSSE-ETHEREUM-NAME-SERVICE-1024x683.png)
Vitalik Buterin triggers a spectacular push at ENS
After presenting the new Ethereum roadmap, Vitalik Buterin focuses on another topic: Ethereum Name Service. For him, it is time to democratize ENS, and layer 2 networks like Arbitrum, Polygon and Optimism have a responsibility in this new direction.
According to Cryptopolite, the governance token of Ethereum Name Service (ENS) saw a spectacular rise of 72% on January 3. The praise of Ethereum co-founder Vitalik Buterin has largely contributed to this bull run.
Indeed, he called the ENS “super important” and pushed for its integration into Layer 2 networks, such as Optimism and Polygon.
This momentum propelled the crypto price to new highs, reaching $14.7, its highest level in eight months, reflecting the enthusiasm and potential for increased adoption of ENS.
A vital role in the Ethereum ecosystem
The Ethereum Name Service simplifies transactions by replacing complex alphanumeric addresses with “.eth” domain names. This simplification improves the usability and accessibility of transactions on the Ethereum network.
Also note that the Shiba Inu team recently launched a domain name variant more suited to Web3: “.shib”.
Additionally, Vitalik Buterin's September 2022 proposal to impose a 3% tax on ENS domain names aims to discourage speculative hoarding and promote broader adoption and decentralized ownership. Thus, ENS aligns with the fundamental principles of Ethereum.
In summary, the ENS saw its value and legitimacy increase following the support of Vitalik Buterin. The platform, at the heart of the Ethereum ecosystem, continues to play a crucial role in simplifying transactions. At the same time, this fits perfectly with the principles of decentralization dear to the Ethereum community. Vitalik, looking for a new approach to better cement this decentralization, recently made the laughingstock of the Cardano community.
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The blockchain and crypto revolution is underway! And the day when the impacts are felt on the most vulnerable economy in this world, against all hope, I will say that I had something to do with it
DISCLAIMER
The views, thoughts and opinions expressed in this article belong solely to the author and should not be considered investment advice. Do your own research before making any investment decisions.